[110 Pages Report] The GFRC market was valued at USD 1.83 Billion in 2017 and is projected to reach USD 3.32 Billion by 2023, at a CAGR of 10.5% during the forecast period. Increasing demand for fire & weather resistance, design flexibility, dimensional stability, ease of handling and rapid installation is driving the growth of the GFRC market. Increase in the number of construction projects in developed and emerging economies is also contributing to the growth of the GFRC market. In this study, years that have been considered to estimate the market size for GFRC have been listed below:

Base Year  2017

Estimated Year  2018

Projected Year  2023

Forecast Period  20182023

The year 2017 has been considered as the base year for company profiles. In cases wherein information for the base year was not available, years prior to it have been considered.

Objectives of the Study:

To analyze and forecast the size of the GFRC market, in terms of volume and value

To provide detailed information regarding key factors, such as drivers, restraints, opportunities, and challenges influencing the growth of the GFRC market

To define, describe, and forecast the GFRC market based on process, application, and region

To analyze and forecast the size of the GFRC market in North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America

To strategically profile key players operating in the GFRC market and analyze their core competencies

To analyze the market opportunities and competitive landscape for stakeholders and market leaders

Various secondary sources, such as Factiva, Hoovers, and Manta have been used to gain insights into the GFRC market. Experts from leading companies manufacturing GFRC have been interviewed to verify and collect critical information and to assess trends in the GFRC market during the forecast period. The top-down, bottom-up, and data triangulation approaches have been implemented to calculate exact values of the overall parent and individual market sizes.

The market for GFRC has a diversified and established ecosystem comprising upstream players, such as raw material suppliers and downstream stakeholders, such as manufacturers, vendors, and end users of GFRC as well as various government organizations. Leading players operating in the GFRC market include Ultratech Cement Ltd. (India), Formglas Products Ltd. (Canada), Willis Construction Co., Inc. (US), Clark Pacific (US), Loveld (Belgium), Fibrex (UAE), Betofiber A.S. (Turkey), Nanjing Beilida New Material System Engineering Co., Ltd. (China), Stromberg Architectural (US), and BB Fiberbeton (Denmark).

Target Audience

Manufacturers of GFRC

Suppliers of Raw Materials

Distributors and Suppliers of GFRC

End-use Industries

Industry Associations

This study answers several questions for the stakeholders, primarily, which market segments they need to focus upon during the next 2 to 5 years to prioritize their efforts and investments.

Scope of the Report:

This research report categorizes the GFRC market based on process, application, and region. It forecasts revenue growth and analyzes trends in each of these submarkets.

GFRC Market, by Process:

Spray

Premix

Hybrid

GFRC Market, by Application:

Commercial Construction

Residential Construction

Civil & Other Infrastructure Construction

GFRC Market, by Region

North America

Europe

Asia Pacific (APAC)

Middle East & Africa (MEA)

Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the specific needs of companies. The following customization options are available for the report:

Product Analysis

Product matrix, which offers a detailed comparison of the product portfolio of each company

Regional Analysis

Further breakdown of the North America GFRC market

Further breakdown of the Europe GFRC market

Further breakdown of the Asia Pacific GFRC market

Further breakdown of the Middle East & Africa GFRC market

Further breakdown of the Latin America GFRC market

Company Information

Detailed analysis and profiles of additional market players

The GFRC market is estimated at USD 2.01 Billion in 2018 and is projected to reach USD 3.32 Billion by 2023, at a CAGR of 10.5% between 2018 and 2023. The growth of the GFRC market can be attributed to the increasing use of GFRC in construction activities, owing to its exceptional properties, such as aesthetic appeal, sound absorption, fire resistance, moisture resistance, and rapid construction.

The GFRC market has been segmented on the basis of process, application, and region. Based on process, the GFRC market has been classified into spray, premix, and hybrid. The hybrid process segment of the GFRC market is projected to grow at the highest CAGR during the forecast period, in terms of value and volume. The hybrid process is an emerging and advanced technology used for the production of GFRC. This process is expected to lower the labor input, thereby decreasing production cost. Thus, the demand for the hybrid process based GFRC is projected to increase considerably during the forecast period.

Based on application, the GFRC market has been segmented into residential construction, commercial construction, and civil & other infrastructure construction. The commercial construction application is projected to lead the GFRC market during the forecast period, in terms of value and volume. The growth of the commercial construction application can be attributed to the increasing use of GFRC in buildings, such as offices, institutes, hospitals, gymnasiums, cinema theatres, museums, and auditoriums.

North America is estimated to be the largest market for GFRC, in terms of value in 2018. The growth of the GFRC market in North America can be attributed to the presence of leading GFRC manufacturers, such as Formglas Products Ltd. (Canada), Stromberg Architectural (US), Clark Pacific (US), Willis Construction Co., Inc. (US), and the growth of the building & construction industry in the region. The GFRC market in the APAC is projected to grow at the highest CAGR from 2018 to 2023, in terms of volume and value, owing to the increase in the number of construction activities in this region.

Economic downturns in major regions can act as a key restraint for the growth of the GFRC market.